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I just relocated to US from Canada . I want to buy a house. What sort of problems will i have?

my credit score in Canada is 820. I work as a medical resident(Doctor) in the local hospital
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February 16 2010 - Roanoke
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Hello well as a Candian my self there are loan programs that will work for you  Contact lenders in the area and they will be able to assit you 
There are a couple more hoops you have to go thru but it is done all of the time 
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March 27 2013
We recommend that our Canadian buyers that wish to finance their purchase seek program and rate infomation in both the US and Canada. Most eventually come to appreciate that it's probably best for them to borrow in Canada and transfer the funds for closing.

One of my Canadian buyers found an attorney licensed in both the US and Canada and found this to be both insightful and comforting. You may want to consider this option.

Best wishes,

Bill
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March 27 2013
I have seen hard money lenders at work as well... higher rates, but at least you get the mortgage...
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March 27 2013
After reading all of this I think if you have cash to buy a home you shouldn't have any problem.
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February 18 2010
The best advice comes from Robin, It's professional.

Dyeh makes some good points too.

Many here have resorted to hurling insults, take note of thier names.

We, the gentle people of zillow are trying to stop the unprofessional attacks. It is slow going, but we are trying to help people like you and others just get straight answers.
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February 18 2010
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  • DYeh
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Hey James Ryan, Please read my comments carefully. I acknowledged my experiences are outdated, and I should be able to share my experiences as I wish. Beside, a MD's income may be qualify for FHA loan regardless H1B or not. Please keep your attitude to yourself.

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February 18 2010
Check with a local bank.  Some banks have special "Doctor Loans" they portfolio and don't require standard guidelines.  Best of luck!
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February 18 2010
Dyeh, some of what you have stated is just plain wrong. What you may have experienced ten years ago, or even just 3 months ago, is just not the case today. FHA has very low rates, and is open to H1B visa holders. So please refrain from giving advice that you have no clue as to its veracity.  Jim
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February 18 2010
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As a Canadian relocated to USA 10 yrs ago, here are my experiences.
1) Your credit/history in Canada does not transfer to USA
2) you need USA bank account, and credit card (good luck on getting them to start). I started by putting large sum of cash in the bank as the guarantee in order to get a low limit credit card.
3) The number of the years on the job is also very important to the banks/lenders. Please prepare to bring your Med residency letter.
4) If you manage to get a lender to loan you money now, your loan amount and rate will be limited base on your USA-VISA.  If you are on TN, there would be no lending. If you are on student visa F- something, there would be no lending. If you are on H-1B, you need special USA Loan with high rate. If you are a US permanent residence, you can obtain mortgage the normal way.

5) Beware the US lending practices are very different than the Canadians'. It's a lot less government regulated/monitored. Lender be ware.

6) Watch out for the title clearance on property. The property titles are not back up, or regulated by the gov. The USA title Insurance policy just have too many exceptions to cover their rear end. It's really not very useful.

These're just my experiences about 10 yrs ago. Maybe the lending practice had changed. oh! and I was not a MD-to-be. Maybe your occupation would make a different. Good luck!

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February 18 2010
Nic,
^5's
Jim
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February 18 2010
A realtor that can't spell.,....SHOCKER!
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February 18 2010

Hello this is Marvin garcia, helping you, you can buy in cash deal, depent where you lieve the pricees are so low, have nice day.

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February 18 2010
So many questions....Visa Type? Are you already  US citizen? Downpayment amount saved? Do you already have US credit? Will your job here be three years or more?

The list goes on....find a great lender and begin there....Hope that helps, Jim
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February 17 2010
Hi and Welcome!

I guess the main one will be to quickly establish good credit here. It does take a little while, I guess your best bet will be to open an bank account here and ask them directly what your options are for obtaining a mortgage. 
Not sure how your 820 will translate here.

Good Luck
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February 17 2010
You'll need to start establishing credit immediately to build up some history.
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February 16 2010
 
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